New York’s renowned Metropolitan Museum of Art has reached an agreement to return $550,000 in donations it received from crypto exchange FTX before its collapse in November.
This development comes as part of the ongoing efforts by FTX’s new management to recoup funds to repay creditors, including significant political donations. The court filings on Friday confirmed the museum’s commitment to returning the donations without further litigation.
Metropolitan Museum of Art’s Decision: According to court documents, the Metropolitan Museum of Art has decided to return the payments it received from FTX’s U.S. entity, West Realm Shires Services.
The donations, totaling $550,000 and made in March and May of the previous year, will be fully returned to FTX. The museum expressed its intent to return the funds, and both parties engaged in constructive negotiations regarding the process. Pending judicial approval, the repayment will be completed within one month.
Background on FTX and Sam Bankman-Fried: FTX, now under new management, was founded by Sam Bankman-Fried, who promoted effective altruism and utilized funds raised by the exchange to support various worthy causes.
However, in light of the company’s collapse and its financial obligations to creditors, including potential significant political donations, the estate is seeking to recover donations made to different entities.